Critical Illness Insurance

Critical Illness

Canadians younger than 75 are more likely to become critically ill than to die. Critical illness can happen to you or anyone you care about. While you may have safety nets in place to cover actual medical bills, you will still have to deal with other costs in the form of lost income or the inability to pay bills and debts.

If you suffer a heart attack, stroke, cancer, major organ failure or other serious ailments, your insurance policy should stop you from worrying about these costs so you can focus on recovery. Most policies cover up to 25 of these illnesses. Upon diagnosis, you can get a lump sum benefit that will allow you to do any of the following:

Keep your other savings or investments such as your RRSP intact;

Take care of your mortgage, loans and other debts;

Pay for medical treatments not covered by your existing health plans;

Compensate your lost income; and

Get help running your business.

Critical illness policies may come in different forms, including term and permanent insurance solutions. You may choose which benefits you would like to include in your policy, based on your needs, lifestyle and preferences.

About Jarrod

Jarrod Merkel is a Certified Financial Planner® who has been working in the financial services industry since 1996. With over 20 years of experience, Jarrod has attended and ran education events including the annual Independent Financial Brokers' summit, insurance company events and has trained many financial advisors.
Jarrod's experience is unique, his experience spans across the financial services industry, from working with the insurance companies to managing general agencies and teaching financial advisors, he is able to come up with effective solutions that help clients achieve their financial goals.